U.S. Markets closed

Is Steelcase (SCS) Stock Outpacing Its Business Services Peers This Year?

Zacks Equity Research
Abbott (ABT) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

Investors interested in Business Services stocks should always be looking to find the best-performing companies in the group. Steelcase (SCS) is a stock that can certainly grab the attention of many investors, but do its recent returns compare favorably to the sector as a whole? One simple way to answer this question is to take a look at the year-to-date performance of SCS and the rest of the Business Services group's stocks.

Steelcase is a member of our Business Services group, which includes 189 different companies and currently sits at #7 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank is a proven model that highlights a variety of stocks with the right characteristics to outperform the market over the next one to three months. The system emphasizes earnings estimate revisions and favors companies with improving earnings outlooks. SCS is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for SCS's full-year earnings has moved 12.10% higher. This means that analyst sentiment is stronger and the stock's earnings outlook is improving.

According to our latest data, SCS has moved about 14.34% on a year-to-date basis. Meanwhile, stocks in the Business Services group have gained about 13.31% on average. This means that Steelcase is outperforming the sector as a whole this year.

Looking more specifically, SCS belongs to the Business - Office Products industry, which includes 5 individual stocks and currently sits at #22 in the Zacks Industry Rank. On average, this group has lost an average of 9.60% so far this year, meaning that SCS is performing better in terms of year-to-date returns.

Investors with an interest in Business Services stocks should continue to track SCS. The stock will be looking to continue its solid performance.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Steelcase Inc. (SCS) : Free Stock Analysis Report
To read this article on Zacks.com click here.